Take advantage of secondary suite grants?

Status:REIN™ Member

Posts:
103Joined: 18 May 2012From: Saskatoon

Hello everyone - this will only be my second post to these forums. In my province there are some significant incentives for adding/building permitted secondary suites. For example, I can obtain a 50% forgive able loan (5yr commitment) up to $30,000 towards the cost of developing the suite. I would be stuck with following conditions however:
max. rent is $921 for 2 adults with one dependent. Tenant's max combined income can only be $40,000 or less.
Normal rent for a new 2 bed suite would be in the $1100-1300 range.
Any thoughts on participating in a program like this? I won't be anywhere close to $60,000 in costs to take advantage of the full $30,000 available. Not to sound arrogant but not sure what to expect of the tenants that would fit this profile. I was hoping to find young professional people.
Thanks for any feedback,
Michael